The insurance, reinsurance, and pension funding sector in Finland showed steady growth from 2013 to 2023. In 2023, the output stood at €3.59 billion. This marks a 2.84% increase year-on-year. Over the last two years, the sector grew by an average of 2.58% annually. The compound annual growth rate (CAGR) for the past five years (2018-2023) was 2.49%, highlighting a moderate but consistent upward trajectory. The initial period from 2013-2017 exhibited variable performance, with highs of 11.69% in 2014 and lows of -0.5% in 2015. Post-2017, the sector navigated slight declines in 2019 followed by resilient recovery, especially significant in 2020 and 2021 with respective year-on-year growth rates of 7.03% and 7.73%.
Future trends to watch for:
- Continued digital transformation and innovation in insurance products.
- Impacts of regulatory changes and economic conditions on premium rates and claims.
- Potential for increased volatility due to global economic uncertainties and climate change-related risks.
- Emerging trends in InsurTech and their influence on traditional business models.
- Forecasted overall growth rate for the next five years averaging 1.98% annually, amounting to a cumulative growth of 10.27% by 2028.
